The equity/risk aligned New Zealand Dollar (NZD) has again retraced its downward trajectory after getting plenty of support against the Euro (EUR) through the middle stages of last week then giving back gains. The cross reached 0.5860 (1.7070) before closing around 0.5770 (1.7340), into Tuesday struggling around 0.5750 (1.7400) as it looks to retest last week’s long term low of 0.5700 (1.7530) of November 2020. The risk driven NZD may yet suffer more declines into the end of the year despite data improving locally and Eurozone data printing fragile.
Current Level: 0.5742 (1.7415)
Resistance: 0.5775 (1.7700)
Support: 0.5650 (1.7320)
Last Weeks Range: 0.5715-0.5858 (1.7069-1.7495)